Check out the companies making headlines before the bell. Pfizer , Moderna , BioNTech — Shares of Pfizer dropped 1.3% after the company slashed its full-year revenue guidance by $9 billion, noting waning demand for its Covid treatment and vaccine. Following the guidance cut, Jefferies upgraded Pfizer on Monday, citing an attractive buying opportunity. Vaccine markers Moderna and BioNTech also dropped premarket, losing 4.1% and 5%, respectively. Novavax shed 2.4%.
Rite Aid – Shares tumbled more than 5% premarket and trading was halted after the pharmacy chain on Sunday filed for Chapter 11 bankruptcy protection in New Jersey amid slowing sales, mounting debt and lawsuits related to its alleged part in the nation's opioid epidemic. The company said it reached a deal with creditors on a restructuring plan and appointed Jeffrey Stein as its new CEO to steer the company through it. Lululemon — Shares jumped more than 5% Monday premarket.
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